BAD NEWS Hits Nigerians As Naira Records First Depreciation Against Dollar On Black Market [Full Details Inside]
Nigerians have been hit with bad news as the naira has recorded its first depreciation against the dollar in the black market after days of stability. This sudden drop has raised concerns among traders, businesses, and the general public, who have been hoping for a continuous improvement in the value of the local currency.
Reports from Bureau de Change operators in Wuse Zone 4, Abuja, confirm that the naira, which traded at N1, 485 per dollar on Tuesday, dropped to N1, 490 per dollar on Wednesday, marking a loss of N10 in value. This decline comes after the naira had shown signs of strength earlier in the week, appreciating on both Monday and Tuesday. However, the new development has now sparked fears of further depreciation.
Meanwhile, in the official market, the naira stood at N1, 495. 91 per dollar as of Tuesday. The Central Bank of Nigeria (CBN) has yet to release its official exchange rate data for Wednesday, leaving many uncertain about the actual state of the forex market. The delay in official data has only added to the anxiety among Nigerians, especially importers and business owners who rely heavily on foreign exchange.
The depreciation of the naira could have significant effects on the economy, particularly in the prices of goods and services. A weaker naira often leads to higher costs for imported items, affecting everything from food prices to transportation costs. Many Nigerians are already struggling with the high cost of living, and this new forex situation could make things worse.
As Nigerians await further updates, attention remains on the foreign exchange market and the CBN’ s next move to stabilize the currency. The coming days will determine whether the naira will regain its strength or experience further losses.
